First Interstate Bank Visa Secured Credit Card

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A secured credit card like the First Interstate Bank Secured Visa is an option designed for someone that has no credit or has who done significant damage to their credit score. This type of card requires the cardholder to put down a type of security deposit to protect the bank in the event of credit card default.

The First Interstate Bank will report the cardholder’s secured card activity directly to the major credit bureaus. This is how the cardholder’s credit score is improved. For more information on how to repair a damaged credit score you can go to Suze Orman’s website

The Terms of the First Interstate Bank Visa Secured Credit Card

Like most secured credit cards, the First Interstate Bank Secured Visa has a high annual percentage rate of 16.25%. These credit cards have higher purchase and balance transfer interest rates because the cardholder’s have low credit scores.

The interest rate for credit card cash advances is 24.25%. There is also a penalty interest rate of 29.24% for this card. So if the cardholder makes a late payment, it will hinder their credit score further, as well as raise their interest rate. This rate will go back to 16.25% once the cardholder makes six consecutive payments on time.

First Interstate Bank Visa Secured Credit Card Fees

There is an annual fee of $39 for this credit card. If the cardholder makes a balance transfer, they will be charged 3% of the total transfer amount with a minimum charge of $10. If the cardholder writes a credit card check or makes some other form of cash advance, they will be charged 4% with a minimum fee of $10. The 3% fee for a foreign credit card transaction has no minimum charge.

If the cardholder makes a payment late, they will be charged a $10 penalty fee. If a payment is retuned, the fee is $30. There is no fee for exceeding the card’s credit line.

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